LG heads for Formula One exit

A statement, issued on behalf of the world's second biggest television maker ahead of this weekend's season-ending Brazilian Grand Prix, said LG would be "refocusing its sponsorship strategy towards regional platforms from 2014 onwards".

LG signed a deal with Formula One's commercial supremo Bernie Ecclestone in November 2008 to be a technology partner with the company's branding on the international broadcast feed and timekeeping systems.

Rolex are now Formula One's official timekeeper after announcing a deal last December.

(Reporting by Alan Baldwin, editing by Ken Ferris)